Simbuwa Remit Hydro Limited was established in the year 2020 AD. The Company is being promoted by Vidyut Utpadan Company Limited (VUCL), Hydroelectricity Investment Development Company Limited (HIDCL) and Nepal Electricity Authority (NEA) owned by the (HIDCL). It is a new concept which advocates that hydropower projects can be built using the remittance money and, the contributors of equity will get a return of the equity invested by them for a long period (like a pension) during the economic life of the hydropower projects. A sustainable livelihood of migrant workers is greatly linked with the sustainability of investments of their savings during their productive life.

The concept of Simbuwa Remit Hydro also supports the government’s policy to provide investment opportunity to Nepali citizen in the hydroelectricity sector to enhance their economic status and per capita income level. Accordingly, Simbuwa Remit Hydro provides an investment opportunity to the migrant workers to get directly involved in the nation-building process and get benefitted from the attractive returns from the hydropower projects developed by the company.

The objective of the company is to develop the projects, primarily by utilizing remittance as a source of financing and giving migrant workers to get involved in the development. This will act as a social security vehicle for the shareholders of the company. To fulfil its objectives, the company has acquired a survey license to develop a hydropower project namely, Simbuwa Khola HEP 70.3 MW located in the Taplejung district of Eastern Nepal.

Objectives

With the broad objective of mobilizing remittance in hydropower sector to help in generation of hydropower in Nepal, the Company's Memorandum of Articles stipulates following objectives:

• Identification of potential projects to get the license for survey, construction, Operation and maintains to develop the hydropower projects and sell hydropower produced from Hydropower projects.
• Construction of Substation and transmission line as required, for selling the hydropower and manage necessary function for selling hydropower with tapping in national grid.

Functions

The Company, established specifically to promote Hydropower Projects, will perform the following functions:

• Borrow loan from any bank and financial institutions with/ without collateral.
• Buy or lease of land, buildings, mills and machineries, vehicles in the name of the company to use.
• Any other related activities associated with project development and defined by MOA of the company.